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Types of Home Equity Loans


There are at least two types of home equity loans.

The first is a term or closed end loan and the second is basically a line of credit. Most people prefer to refer to them as a second mortgage because they are secured against your home much like your first home loan or mortgage. Typically these types of home equity loans usually have a payback life of between 5 and 15 years.

The term loan is a one-time lump sum payment that is paid off over a set amount of time. There is a fixed interest rate which allows for the same loan repayment each month. After you get your money you cannot borrow further from the loan.

A home equity loan line of credit works more like a credit card. You are allowed to borrow up to a certain amount for the life of the loan. The time limit is usually set by the lender of the loan. During that time you can withdraw money as you require it to purchase items or pay for things that interest you. As you pay off the principal your credit revolves and you can use it again. This credit line gives you more flexibility than a term home equity loan.

Which ever of the two types of home equity loans that you should use depends on your unique situation. You can base your decision on some common questions such as how much money will you need, how long will you need the money for, how long will you need to pay the loan off and how much of a monthly payment can you afford.

Timothy Gorman is a successful webmaster and publisher of Military-Loans-Online.com. He provides more free financial information and types of home equity loans that you can research in your pajamas on his website.

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MORE RESOURCES:
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Birmingham Business Journal

Study: Even with rate upticks, metro Bham homeowners miss out on refinancing savings
Birmingham Business Journal
Many homeowners in the Birmingham metro area could be missing out on savings by not refinancing their mortgages – even with the recent uptick in rates. Jefferson County was listed as No. 1 in the state where homeowners are missing out on refinance ...



HousingWire

MBA: Mortgage refinance apps increase from week before
HousingWire
Mortgage applications increased 0.7% from last week, according to data from the Mortgage Bankers Association's Weekly Mortgage Applications Survey for the week ending February 2, 2018. On an unadjusted basis, the index increased 4% from last week. The ...

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Real Property – Mortgage Refinance – Attorney Preference – First Impression – Prepopulated Form
South Carolina Lawyers Weekly
Boone v. Quicken Loans, Inc. (Lawyers Weekly No. 002-035-18, 11 pp.) (J. Michelle Childs, J.) 5:15-cv-04772; D.S.C. Holding: Even though plaintiffs complain that defendant sent them a mortgage refinance form prepopulated with “I/we will not use the ...



Daily Trust

Mortgage refinance coy empowers 45 IDPs with technical skills
Daily Trust
The Nigeria Mortgage Refinance Company (NMRC) has empowered 45 Internally Displaced Persons (IDPs) with technical skills in different aspects of housing construction work. The skills are in masonry/tiling, plumbing as well as electrical installations ...



CNBC

Mortgage refinance applications surge 9 percent as rates fall back
CNBC
Total mortgage applications rose 4.7 percent last week, driven by applications to refinance.

and more »


Independent Newspapers Limited

Mortgage Refinance Coy Trains 45 IDPs In Technical Skills ...
Independent Newspapers Limited
The Nigeria Mortgage Refinance Company (NMRC) has empowered 45 Internally Displaced Persons (IDPs) with technical skills in different aspects of housing construction work. The skills are in masonry/tiling, plumbing as well as electrical installations ...

and more »


Bankrate.com

4 ways to get the best mortgage refinance rate
Bankrate.com
If you can shave at least one-half of 1 percentage point off your current mortgage rate, it can be worth your while to trade in your existing home loan for a new one. Here are some tips for getting the very best refinance rate. 1. Polish up your credit ...

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Philadelphia Business Journal

San Fran startup with Indy Hall roots expands to Pennsylvania
Philadelphia Business Journal
Online home lending platform Lenda may be based in San Francisco, but its CEO and Co-founder Jason van den Brand is adamant. The Philadelphia area is home. That's one of the reasons why van den Brand — who grew up in Bucks County, graduated from ...



LoanLogics analyst warns of imminent mortgage market volatility ...
CUinsight.com (press release)
TREVOSE, PA (January 30, 2018) — “This year is shaping up as a year of volatility for the residential mortgage industry, with originations plunging as interest rates rise in response to $1 trillion reductions in asset purchases by central banks,” says ...

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11 Ways to Get the Lowest Mortgage Refinance Rate - NerdWallet
NerdWallet (blog)
In the hunt for the lowest mortgage refinance rate, there are some things you can control and some you can't. Here are 11 things you can do.

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